Bloomberg News

PDVSA in Talks to Pay Exxon Mobil Award in Crude, Platts Says

February 03, 2012

Feb. 2 (Bloomberg) -- Petroleos de Venezuela SA, the state oil company, is negotiating with Exxon Mobil Corp. to pay an arbitration award in crude oil instead of cash, Platts reported today, citing a government source it did not name.

The New York-based International Chamber of Commerce awarded Exxon a net $746.9 million in December for oil assets seized by Venezuelan President Hugo Chavez in 2007. PDVSA, as the Caracas-based company is called, said on Jan. 2 that it would pay $255 million in cash for the judgment, after accounting for about $300 million in a frozen bank account and $191 million of Exxon debt that the Venezuelan company will cancel.

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--Editor: Jonathan Roeder

To contact the reporter on this story: Nathan Crooks in Caracas at

To contact the editor responsible for this story: Dale Crofts at

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